The logo for the FTX Arena is shown on the court before the start of an NBA basketball game between … [+]
Following the $32 billion collapse of cryptocurrency exchange FTX a 115 page document lists every entity it owes money to. There are a myriad of companies and government entities, sports teams and athletes including the Miami Heat, Shaquille O’Neal, David Ortiz, MLB along with the Golden State Warriors listed as creditors.
The Breakdown You Need To Know:
Last January, FTX had raised $400 million in a Series C funding round, valuing the company at $32 billion. Clearly, things have shifted quickly with the platforms collapse and a litany of litigations. The names of nearly 9.7 million FTX customers with funds stuck on the exchange were however redacted from the document. Bankruptcy documents filed last year indicate that the top 50 FTX creditors are owed an estimated $3 billion.
Prior to FTX’s failed business model came to light, its commercials featured Brady, the star quarterback of the Tampa Bay Buccaneers, former basketball player Shaquille O’Neal, current NBA All-Star Stephen Curry, and tennis player Naomi Osaka. Current athletes Osaka, Curry, and Brady among others have been named in an $11 billion lawsuit following the bankruptcy filing from FTX. Interestingly enough Curry isn’t listed among the creditors.
“Part of the scheme employed by the FTX Entities involved utilizing some of the biggest names in sports and entertainment—like these Defendants—to raise funds and drive American consumers to invest … pouring billions of dollars into the deceptive FTX platform to keep the whole scheme afloat,” the lawsuit said.
Class-action attorney Adam Moskowitz pointed to previous cases where the U.S. government fined celebrities Kim Kardashian and Floyd Mayweather for promoting crypto.
Situational Awareness:
There were a ton of big tech players listed as creditors like Apple
Source: https://www.forbes.com/sites/korihale/2023/02/03/ftxs-creditor-list-puts-nba-mlb-and-shaquille-oneal-in-play/